Blink Charging stock bounces after announcing $200 million ‘transformative’ acquisition

Shares of Blink Charging Co. rallied 1.6% in morning trading Tuesday, to bounce off the previous session’s 19-month closing low, after the electric vehicle charging equipment company announced an agreement to buy SemaConnect Inc. for $200 million in cash and stock. Blink Charging said the acquisition will add nearly 13,000 EV chargers to its charging network, an additional 3,800 site host locations and more than 150,000 registered EV driver members. “This is a transformative acquisition for the EV charging industry and for Blink,” said Blink Chief Executive Michael Farkas. Prior to Tuesday’s bounce, Blink’s stock had tumbled 18.7% amid a three-day losing streak to close Monday at the lowest price since Nov. 17, 2020. It has tumbled 45.4% year to date, while the S&P 500 has shed 20.8%.

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